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Michigan

Goblin Sushi

About Documents
7%
$3,500 Funded
$50,000 Target
42 days Time Left
4 Investors
$50,000 Min. Raise
$160,000 Max. Raise
60 mo. Term Length
9.75% Interest Rate
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Overview

We are a casual sushi restaurant focused on takeout and delivery. Located at a remodeled Subway restaurant, our set-up is well-suited to a fast-casual service experience – we try to be different by being clean, bright, and modern while other sushi restaurants focus more on a traditional look with dark ambiance.

While most sushi restaurants use frozen fish and inappropriate rice – and then disguise the cheap ingredients with heavy sauces – we focus on a small menu with high-quality, fresh ingredients. Because of our dedication to fresh seafood, our training system and quality control are big priorities.

We have a 4.9/5 rating out of 266+ Google reviews!

We are raising $160,000 paid at a 9.75% interest rate with a six month interest-only period and a 54 month fully-amortizing period.

 

We stand out by being bright and modern.

 

The Project

The funds will be allocated as below:

  • Walk-in cooler & freezer: $15,000
  • Cost of building second location (furniture, kitchen equipment): $25,000
  • Repair and remodel first location: $10,000
  • Hiring apprentice sushi chef for training: $25,000
  • Put signs on first and second locations: $15,000

Once our second location of Goblin opens, we can strongly appeal to the public that Goblin Sushi can be a franchise. Even during the pandemic situation, the sales at the Goblin Sushi keeps growing and we believe the second location will perform better considering the location factors and the cost.

 

We remodeled an old Subway restaurant to create a fast-casual format.

Business

History

Since we opened our first location in July 2019, Goblin Sushi has been growing fast even during the pandemic. Instead of putting our focus on a good location (with expensive rent), large selections of menu and a big sign, we focused on creating a convenient and practical online platform, a small & high-quality menu, and take-out packaging. We worked hard to turn them into our branding. 

While we were closed in April 2020 due to the pandemic, we held a logo contest which brought us a huge number of followers on both Facebook and Instagram. We strengthened our website so that customers have options to place pick-up and delivery orders easily. We stopped using 3rd party delivery companies such as Doordash and started our own delivery system. Since we started doing in-house delivery, the delivery demands had increased. Recently we started live-streaming through Facebook and Twitch.tv so that customers can watch their orders being made through our live stream.

 

Our focus on website & branding allowed us to easily pivot to takeout & delivery during the pandemic.

 

The Future

After we open our second location, we expect there will be demands from investors wanting to open more Goblin locations in the form of a franchise. Compared to opening a Subway restaurant, opening Goblin Sushi will be cheaper, more profitable, and easier to operate.

 

Our food is always fresh––no frozen ingredients!

 

About the Owners

Jin Cha

Jin Cha has been a sushi chef for 10 years. He is a South Korean immigrant with a  bachelor’s degree in law from a Korean university. He served in the South Korea Navy for 3 years as a joint military practice with the U.S. Navy.

 

Jo Cho

Jo Cho came to U.S. in the year 2000 at the age of 14 from South Korea. He graduated from Michigan State University with a major in Linguistics. He has 4 years of experience in sushi.

 

 

Deal Summary

Deal Summary

 Issuer

 Jinjo LLC

 Doing Business As

 Goblin Sushi

 Security Type

 Secured Loan

 Loan Purpose

 Open second location

 Offering Amount

 $50,000 - $160,000

 Interest Rate

 9.75%

 Payments

 Monthly, disbursed to investors quarterly

 Maturity

 6 months interest only + 54 months fully amortizing

 Personal Guaranty  

 Jo Seph Cho and Haksoon Cha

 Security Interest

 Blanket lien on assets of company

 Offered Portal 

 Honeycomb Portal LLC

 Offering Type

 Reg CF

 

Your Earnings Potential

If you choose to invest, you will make a one-time investment via ACH that will be transferred to a secure escrow account. If the campaign successfully reaches its target, the funds will be distributed to Jinjo LLC. In order to recieve their invested funds, the campaign must meet its minimum funding goal. If the minimum is not met, all funds will be returned to the investors along with their one-time fee.

For more information on the mechanics of Honeycomb’s crowd investing platform, please review our Education Materials

 Investment Amount   One-Time Fee 

 Potential Quarterly

 Return: Interest-Only Period* 

 Potential Quarterly

 Return: Amortization Period* 

 Potential Total Repayment* 
 $100  $2.85   $2.43   $6.89   $128.81
 $500  $14.25   $12.18   $34.43   $644.05
 $1,000  $28.50   $24.37   $68.85   $1,288.11
 $5,000  $37.25   $121.87   $344.27   $6,440.54

Your ongoing responsibilities from investing are very limited. Over the life of the loan, you will receive a yearly 1099-INT, which is a simple tax document similar to what you receive for most savings accounts.*Individual payments may vary slightly based on rounding. Potential repayments include principal and interest; they do not include the one-time fee which is assessed when you make your investment. These amounts are calculated as a hybrid interest-only + amortizing loan, which means that there is a specified interest-only period followed by a an amortization period. There are no prepayment penalties and Jinjo LLC may pay down their loan early, which may impact your earnings potential. Please note: returns are not guaranteed and investors could lose some or all of their investment.

Jinjo LLC pays as agreed. You will receive quarterly payments directly into your bank account. In the event of a default, you will be contacted by the administrative agent to manage the collections process on the investors' behalf.

How Honeycomb is Compensated

Honeycomb charges Jinjo LLC a $250 posting fee and a 6.0%-8.0% loan origination fee on the total amount funded.

Additionally, to cover expenses associated with each investment, Honeycomb charges a 2.85% investment fee capped at $37.25 per investor.

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